Chappell breaks down the Colts salary cap with the free agent period just a week away.

*Without being reckless and keeping in mind the contracts of several young players must be addressed in the coming years, the team has the flexibility to do whatever it deems necessary to upgrade the roster. That means re-signing cornerback Vontae Davis, who's undoubtedly at the top of the to-do list, placekicker Adam Vinatieri and, perhaps, safety Antoine Bethea and punter Pat McAfee.

*The team continues to benefit from not only hitting on Andrew Luck with the No. 1 overall pick in the 2012 draft, but having his contract be part of the new collective bargaining agreement that limited contracts of rookies taken at the top of the draft.

Luck's cap hit in 2014 is $6 million. While the Colts can address the contract at the end of the season, and likely make him the highest-paid player in league history, they also can have him play his fourth season under his rookie contract.

When Monday’s 4:00 p.m. EST deadline came for teams to use the franchise tag, the Colts passed.

Cornerback Vontae Davis was the top candidate for the Colts to use the tag on, but it would have been an expensive one if they had decided to go that route. The franchise tag for a cornerback is $11.8 million.

Davis has potential to be one of the top cornerbacks in the league, but he needs to be consistent. He played well enough at times to look like he was on his way to earning a huge payday last season. But he countered the strong play by having some stretches where he wasn’t focused and he struggled.

The Colts can still work out a long-term contract with Davis and their free agents before their contracts expire March 11.

Peyton Manning, in town for his annual “Celebration of Caring Gala” to raise funds for the Peyton Manning Children’s Hospital at St. Vincent, on Saturday night took the stage at Banker’s Life Fieldhouse and belted out a duo with country star Thomas Rhett.

Colts.com pays tribute to one of the most energized and charismatic individuals to ever wear the horseshoe, ILB Edwin Jackson. In his own words, Jackson discusses the two loves near and dear to his heart, family and football.